Measures in the First Phase of Banking Harmonization with EU Legislation - Case of Serbia

Juric Bajec, Nikola Fabris, Jelena Galic and Dragana Petrakovic
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Juric Bajec: Faculty of Economics, Belgrade
Nikola Fabris: Faculty of Economics, Belgrade
Jelena Galic: Economics Institute, Belgrade
Dragana Petrakovic: Economics Institute, Belgrade

South-Eastern Europe Journal of Economics, 2005, vol. 3, issue 1, 145-161

Abstract: Measures in the first phase of banking harmonization are regulated by the following four main EU Directives: First Banking Directive (77/780/EEC), Directive on own funds (89/299/EEC), Directive on a solvency ratio (89/647/EEC) and Directive on deposit-guarantee schemes (94/19/EEC). This article discusses measures undertaken in the first phase of banking harmonization with EU Legislation in Serbia and the results accomplished by these measures and proposes some further steps that have to be implemented in order to accelerate harmonization of the domestic financial system with EU standards. The article analyses banking reform processes in Serbia so far, describes the requirements of the four EU directives mentioned and compares domestic legislation with them. The conclusion is that in Serbia’s financial reform the initial positive results have been achieved, but the process has not yet been completed and there are still various problems both at the level of the financial system and at the level of specified financial institutions.

Keywords: financial system; banking sector; restructuring; harmonization; EU directives (search for similar items in EconPapers)
JEL-codes: E44 G34 P31 (search for similar items in EconPapers)
Date: 2005
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